The Money Advice Service (MAS) has shelled out nearly £4 million in redundancy payments and halved its staff numbers following a strategic review of the organisation.
The body, which has attracted criticism for the size of its budget and the pay package of former chief executive Tony Hobman, now has 66 permanent members of staff, compared to 150 at the end of 2011, and 27 temporary members of staff.
In December 2011 MAS consulted with staff as it sought to reduce numbers to around 85.
A spokeswoman for the body said this target remained, and that there were a number of permanent positions which were as yet unfilled.
‘Last year we conducted an organisational review to transform our service. The objective was to ensure the right skills and capabilities were in place to deliver the new operational model. The review, which was completed by 31 December 2012, reduced the size of the organisation and ultimately around 70 existing job roles were affected.
‘A year on, the MAS transformation is almost complete and we are now a leaner organisation - transformed from one which was primarily configured to support, oversee and fund the work of others - to one that can deliver money advice directly to the people who need it.’
In November 2012 MAS appointed a successor to Hobman as chief executive after he resigned following criticism from MPs over the size of his pay package.
Former Department for Work and Pensions director of private pensions Caroline Rookes (pictured) will join the organisation in February on a salary of £140,000, compared to Hobman’s overall pay package of £350,000.